Kamala Harris, the Democratic frontrunner in the 2024 presidential election, has gained significant support among young, Black, and Hispanic voters. It has reduced Republican candidate Donald Trump’s advantage in seven states in the United States of America. Harris of the Democratic party, now the Vice President of the United States, leads Trump on the Prediction marketplace known as Predict It as being capable of winning the forthcoming elections.
According to Bloomberg, Harris’s lead opinion could have significant implications for cryptocurrencies if she gets to the Presidency. Although, as mentioned, Trump has taken quite an aggressive approach to crypto, claiming his administration will integrate digital assets into society, the representatives of the Harris campaign have not disclosed their stance on cryptocurrencies yet.
Also Read: Crypto Community Divided Over Kamala Harris’s Bitcoin Conference Decision
Based on what Noelle Acheson, the creator of the “Crypto Is Macro Now” newsletter, has to say, the growing hype around Harris is currently holding Bitcoin prices down. The sentiment that emerges from publishing the advertisement is supported by Kyle Doane, Arca’s Head of Trading. He opines this could result from Harris’s increasing lead in the polls, which has caused a slowdown in the trading levels of bitcoins.
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Potential Shifts in Crypto Market Dynamics
Further, the Billionaire Trump has not shied away from outlining his aggressive plans for Bitcoin; where on the day of his Presidency, he said he would fire the Chair of the SEC, Gary Gensler, and appoint a new one. He also promised that the 210,000 BTC held by the US government would not be sold under his administration.
Market speculators prefer to operate within the assumption that the US government may, at some point, sell off all their bitcoins, which they have in large quantities. This concern is further deterred by the recent action of the German government, which sold 50,000 BTC, leading to a drop in the value of BTC. Before this, fluctuations in BTC owned by the US government created a stir in the market, and Bitcoin dropped below $ 70,000.
Conclusion
Kamala Harris’ rise to prominence in the 2024 presidential election impacts the bitcoin market. With Harris dominating the polls, market players are concerned about future changes to cryptocurrency rules. While Trump’s pro-crypto attitude is publicly known, Harris’ view is uncertain. As the election approaches, the crypto market will closely follow happenings to anticipate potential effects on digital assets.
Also Read: Crypto Community Awaits Kamala Harris’s Stance Amid 2024 Presidential Race
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.